MIRA INFORM REPORT

Report No. :	355094
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED
Registered Office :	1680/31, Ramani’s Regency, Trichy Road, Ramanathapuram, Coimbatore - 641045, Tamilnadu
Tel. No.:	91-422-4300445
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.05.2002
Com. Reg. No.:	18-010851
Capital Investment / Paid-up Capital :	Rs. 190.550 Million
CIN No.: [Company Identification No.]	U21012TZ2002PTC010851
IEC No.:	3502004307
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCS7439C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Kraft paper, corrugating medium and pulb including writing papers, printing, absorbent paper, news print paper, wrapping papers, blotting papers, cloth line papers, drawing paper.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit:	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2002 having satisfactory track. Management has failed to file its financials for FY 15 with Registrar of Companies. For the financial year 2014, the company has recorded increase in its sales turnover and profit margin, when compared to previous year. It has fine operational activity marked by satisfactory profit levels. The company possesses decent net worth base and adequate cash accruals, however reported moderate debt levels. Trade relations are fair. Business is active. Payments are slow but correct. The company can be for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Term Loan = IND BBB
Rating Explanation	HavIing moderate degree of safety and carry moderate credit risk
Date	27.04.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Soundappan
Designation :	Account Manager
Contact No.:	91-422-4300445/4300446
Date :	14.12.2015

LOCATIONS

Registered Office :	1680/31, Ramani’s Regency, Trichy Road, Ramanathapuram, Coimbatore - 641045, Tamilnadu, India
Tel. No.:	91-422-4300445 / 4300446
Fax No.:	91-422-4300449
E-Mail :	sales@sripathipaperboards.com karhikeyan@sripthi.net gmf@sripathi.net
Website :	http://www.sripthipaperboards.com
Corporate Office :	Remani’s Regency, 994, 2^nd Floor, Trichy Road, Coimbatore – 641045, Tamilnadu, India
Tel No.:	91-422-4300445
Email Id.:	admin@sripathi.net
Factory 1 :	2, Sukkiravarpatti, Sivakasi – 626 130, Tamilnadu, India
Tel. No.:	91-4562-238171 / 238117 / 238014 / 238049
Fax No.:	91-4562-238147
E-Mail :	sales@sripathi.net
Location :	Owned
Factory 2 :	Rajan Nagar, Puduvadavalli, Sathyamangalam – 638401, Tamilnadu, India
Tel. No.:	91-4295-243463
Fax No.:	91-4295-243473
E-Mail :	marketing@sripathi.net
Location :	Owned
Factory 3 :	Rajan Nagar, Puduvadavalli, Sathyamangalam – 638401, Tamilnadu, India
Tel. No.:	91-4295-243463
Fax No.:	91-4295-243473
E-Mail :	marketing@sripathi.net
Location :	Owned
Factory 4:	SF No.297/2, 308/1, Rajni Nagar, Puduvadavalli, Sathyamangalam – 638401, Tamilnadu, India
Tel. No.:	91-4295-243463
Fax No.:	91-4295-243473
E-Mail :	admin@sripathi.net

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ramachandran Krishnasamy

Designation :

Managing Director

Address :

2/3, R K Gardens, Chandra Gandhi Nagar, Extension Sowripalayam Post, Coimbatore-641028, Tamilnadu, India

Date of Birth/Age :

30.04.1961

Date of Appointment :

19.08.2002

PAN No.:

AFXPK5490E

DIN No.:

00251421

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21012TN2002PTC048995	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED (TRFD TO CBE)	Director	29-05-2002	29-05-2002	-	Not Available for eFiling	NO
2	U21012TZ2002PTC010851	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED	Managing director	19-08-2002	19-08-2002	-	Active	NO
3	U51909TZ2003PTC010770	SINGLE WINDOW COMMODITIES PRIVATE LIMITED	Director	11-09-2003	11-09-2003	-	Active	NO
4	L67120TZ1995PLC005763	SINGLE WINDOW SECURITIES LIMITED	Managing director	01-10-2009	01-10-2004	-	Active	NO
5	U29120TZ2010PTC015883	K.R.S. ENGINEERING INDIA PRIVATE LIMITED	Director	10-03-2010	10-03-2010	-	Active	NO
6	U02102TZ2005PTC011874	SUDIRMAN PAPER PRIVATE LIMITED	Director	11-03-2010	11-03-2010	-	Amalgamated	NO
7	U74900TN2008NPL067185	SOUTH INDIAN KRAFT PAPER MILLS ASSOCIATION	Director	28-09-2011	28-09-2011	-	Active	NO
8	U21010TZ2011PTC016821	SRI SATYA SAI PAPER AND BOARD MILLS PRIVATE LIMITED	Additional director	16-09-2013	16-09-2013	-	Active	NO
9	U37102TZ1998GAP008524	TAMIL NADU ELECTRICITY CONSUMERS' ASSOCIATION	Director	04-10-2013	04-10-2013	-	Active	NO
10	U01403TZ2015PTC021553	SRIPATHI AGRI ENERGY PRIVATE LIMITED	Director	06-07-2015	06-07-2015	-	Active	NO

Name :

Mr. Krishnasamy Ravichandran

Designation :

Managing Director

Address :

Old No.725/6 C, New No.350, Standard Colony, Thiruthangal, Sivakasi, Virudhunagar-626130, Tamilnadu, India

Date of Birth/Age :

29.06.1963

Qualification :

B Com

Date of Appointment :

29.05.2002

PAN No.:

AAPPR9861F

DIN No.:

01120533

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21012TZ2002PTC010851	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED	Managing director	29-05-2002	29-05-2002	-	Active	NO
2	U21012TN2002PTC048995	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED (TRFD TO CBE)	Director	19-08-2002	19-08-2002	-	Not Available for eFiling	NO
3	U74900TN2008NPL067185	SOUTH INDIAN KRAFT PAPER MILLS ASSOCIATION	Director	30-09-2010	03-03-2010	28-09-2011	Active	NO
4	U02102TZ2005PTC011874	SUDIRMAN PAPER PRIVATE LIMITED	Director	11-03-2010	11-03-2010	-	Amalgamated	NO
5	U21010TZ2011PTC016821	SRI SATYA SAI PAPER AND BOARD MILLS PRIVATE LIMITED	Additional director	16-09-2013	16-09-2013	-	Active	NO
6	U01403TZ2015PTC021553	SRIPATHI AGRI ENERGY PRIVATE LIMITED	Director	06-07-2015	06-07-2015	-	Active	NO

Name :

Mr. Ayyappan Ragupathy

Designation :

Whole Time Director

Address :

471 A, Vadakku Radaveethi, Thiruthangal, Virudhunagar-626130, Tamilnadu, India

Date of Birth/Age :

11.02.1958

Date of Appointment :

19.08.2002

PAN No.:

AGDPR8092G

DIN No.:

01128755

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21012TN2002PTC048995	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED (TRFD TO CBE)	Director	19-08-2002	19-08-2002	-	Not Available for eFiling	NO
2	U21012TZ2002PTC010851	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED	Whole-time director	19-08-2002	19-08-2002	-	Active	NO
3	U21010TZ2011PTC016821	SRI SATYA SAI PAPER AND BOARD MILLS PRIVATE LIMITED	Additional director	16-09-2013	16-09-2013	-	Active	NO

Name :

Mr. Alagamperumal Subbiah

Designation :

Director

Address :

54, Azhagapuri, Virudhunagar-626005, Tamilnadu, India

Date of Birth/Age :

03.06.1960

Date of Appointment :

19.08.2002

DIN No.:

01240122

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21012TN2002PTC048995	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED (TRFD TO CBE)	Director	19-08-2002	19-08-2002	-	Not Available for eFiling	NO
2	U21012TZ2002PTC010851	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED	Director	19-08-2002	19-08-2002	-	Active	NO

Name :

Mr. Veerappan Nagaraj

Designation :

Director

Address :

1/18, Azhagapuri, Meesalur PO Virudhunagar-626003, Tamilnadu, India

Date of Birth/Age :

09.05.1962

Date of Appointment :

19.08.2002

DIN No.:

01240207

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21012TN2002PTC048995	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED (TRFD TO CBE)	Director	19-08-2002	19-08-2002	-	Not Available for eFiling	NO
2	U21012TZ2002PTC010851	SRIPATHI PAPER AND BOARDS PRIVATE LIMITED	Director	19-08-2002	19-08-2002	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Chandrashekhar
Designation :	Finance Department
Name :	Mr. Soundappan
Designation :	Account Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
R Krishnaswamy	8260541
K Chitrabanu	3281630
R Jayaprakash	100000
B Senthil Kumar	52500
S. Jagannathan	27320
P.R. Krishnamoorthy	5000
V. Vasanthi	50000
Kalarani	50000
Megastox Fin Research Private Limited, India	815450
B. Anuradha	50000
K Ravichandran	761513
R Rukmani	25000
V Nagaraj	339875
A Raghupathi	132896
A Subbiah	198275
S Alagudurai	100000
Beaumont Enterprises India Private Limited, India	1915000
Total	16165000

Names of Shareholders (Preference Shares)	No. of Shares
M/s Beaumont Enterprises India Private Limited, India	165000
M/s Vikrant Management Services Private Limited, India	124000
Total	289000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	16.89
Directors or relatives of Directors	83.08
Other top fifty shareholders	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Kraft paper, corrugating medium and pulb including writing papers, printing, absorbent paper, news print paper, wrapping papers, blotting papers, cloth line papers, drawing paper.
Products :	Kraft Paper Corrugating Medium And Pulb Writing Papers Printing Absorbent Paper News Print Paper Wrapping Papers
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• Axis Bank Limited

Banker Name	IDBI Bank Limited
Branch Address	Excellence, 4th Floor,104, Race Course Road, Coimbatore - 641018, Tamil Nadu, INDIA
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks	520.373	380.819
Long-term maturities of finance lease	5.030	4.385
Rupee term loans from others	0.000	6.000
SHORT TERM BORROWING
Working capital loans from banks	898.543	668.679
Total	1423.948	1059.883

Auditors :
Name :	Bakthavachalam and Company Chartered Accountants
Address :	15/67 A, KG Layout, Bharathi Park, 8th Cross Saibaba Colony, Coimbatore-641011, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFB5331Q
Memberships :	Not Available
Collaborators :	Not Available
Other related party:	Single Window Securities Limited, India [L67120TZ1995PLC005763] Balaji Packaging Industries, India

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs.180.000 Million
2000000	Preference shares	Rs.100/- each	Rs. 200.000 Million
	Total		Rs. 380.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16165000	Equity Shares	Rs.10/- each	Rs.161.650 Million
289000	Preference shares	Rs.100/- each	Rs. 28.900 Million
	Total		Rs. 190.550 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	190.550	150.376	100.376
(b) Reserves & Surplus	494.324	391.393	324.921
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	45.751	97.751
Total Shareholders’ Funds (1) + (2)	684.874	587.520	523.048
(3) Non-Current Liabilities
(a) long-term borrowings	556.509	418.870	556.235
(b) Deferred tax liabilities (Net)	161.162	137.720	105.706
(c) Other long term liabilities	40.108	12.147	14.961
(d) long-term provisions	10.133	5.494	1.680
Total Non-current Liabilities (3)	767.912	574.231	678.582
(4) Current Liabilities
(a) Short term borrowings	1332.721	1064.278	888.111
(b) Trade payables	184.546	175.645	200.690
(c) Other current liabilities	204.619	161.078	187.247
(d) Short-term provisions	1.114	0.000	20.049
Total Current Liabilities (4)	1723.000	1401.001	1296.097
TOTAL	3175.786	2562.752	2497.727
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1430.896	1361.876	1212.162
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	32.029	36.662	34.596
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.893	7.262	5.068
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1474.818	1405.800	1251.826
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	796.450	460.976	443.809
(c) Trade receivables	636.044	518.109	431.706
(d) Cash and cash equivalents	23.978	15.228	182.077
(e) Short-term loans and advances	232.420	149.156	174.315
(f) Other current assets	12.076	13.483	13.994
Total Current Assets	1700.968	1156.952	1245.901
TOTAL	3175.786	2562.752	2497.727

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3938.015	3257.193	2497.406
	Other Income	5.720	4.726	3.300
	TOTAL	3943.735	3261.919	2500.706
	EXPENSES
	Material and Operative Expense	3521.394	2848.790	2175.247
	TOTAL	3487.821	2848.790	2175.247
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	455.914	413.129	325.459
Less	FINANCIAL EXPENSES (D)	210.163	189.735	145.893
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	245.751	223.394	179.566
Less/ Add	DEPRECIATION/ AMORTISATION (F)	145.593	124.885	85.683
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	100.158	98.509	93.883
Less	TAX (H)	24.557	32.012	25.903
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	75.601	66.497	67.980
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	263.994	197.497	151.184
	Profit Brought Forward from Sudirman investment in Sudirman paper private Limited shares extinguished	NA	0.000	(21.667)
	Balance Carried to the B/S	339.595	263.994	197.497
	Earnings / (Loss) Per Share (Rs.)	3.97	3.49	3.57

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	166.943	133.213	132.107
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	5.924	267.315	187.077

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.92	2.04	2.72
Operating Profit Margin (PBIDT/Sales)	(%)	11.58	12.68	13.03
Return on Total Assets (PBT/Total Assets}	(%)	3.19	3.90	3.81
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.18
Debt Equity Ratio (Total Debt /Networth)		3.00	2.75	3.01
Current Ratio (Current Asset/Current Liability)		0.99	0.83	0.96

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	100.376	150.376	190.550
Reserves & Surplus	324.921	391.393	494.324
Share Application money pending allotment	97.751	45.751	0.000
Net worth	523.048	587.520	684.874
long-term borrowings	556.235	418.870	556.509
Short term borrowings	888.111	1064.278	1332.721
Current maturities of long-term debts	132.107	133.213	166.943
Total borrowings	1576.453	1616.361	2056.173
Debt/Equity ratio	3.014	2.751	3.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2497.406	3257.193	3938.015
		30.423	20.902

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2497.406	3257.193	3938.015
Profit	67.980	66.497	75.601
	2.72%	2.04%	1.92%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF OPERATIONS:

During the year, The Company has achieved a turnover of Rs. 3938.015 Million as against the previous year turnover of Rs.3257.193 Million.

The EBITDA has improved to Rs.455.914 Million as against Rs 413.129 Million in the previous year.

· The Company is present in all major segments of Paper Industry viz., Kraft, Boards, Printing and Writing

Segments.

In line with the Company’s strategy of market penetration, the Company achieved a 21% growth in turnover despite the challenging environment. EBITDA also grew by 10%.

OUTLOOK:

The Company is viewing the future with cautious optimism. Demand for packaging is driven by high growth in volume sales mostly consumer goods categories, including fireworks, calendars, FMCG etc. Growth in organized and modern retailing channels (supermarkets and hypermarkets) represent the main driver of this shift towards packaged goods. The use of packaged goods products is trickling down from India’s large cities to the vast rural masses. Growth in online retail is also a driver for the rise in demand for packaging paper. Growing concern about transit losses, ecological concerns over the use of plastics etc., are also leading to increase in paper consumption.

With the evolving mix of products manufactured by the Company, they are well-positioned to participate in the growing industries of consumer goods.

The growing literacy in the country provides a fertile ground for selling writing and printing paper. The

Company has created a position for itself in this industry and will see higher volumes and better profitability in the years to come.

UNSECURED LOAN

Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Long-term maturities of finance lease	1.100	0.000
Loans repayable on demand	30.005	27.666
SHORT TERM BORROWING
Term loans from banks	434.179	395.599
Total	465.284	423.265

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10559842	02/03/2015	270,000,000.00	AXIS BANK LIMITED	1133,1135-1136, AVINASHI ROAD, P N PALAYAM, COIMB  ATORE, TAMIL NADU - 641037, INDIA	C49384662
2	10550140	20/02/2015	28,300,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	1ST FLOOR, MAYFLOWER, E-CASTLE, 72, DR. BALASUNDARAM ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA	C44111029
3	10545722	23/01/2015	60,000,000.00	TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	NO.692, ANNA SALAI, NANDANAM, CHENNAI, TAMIL NADU - 600035, INDIA	C41728551
4	10525107	17/10/2014	19,340,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C28870848
5	10264243	28/11/2013 *	495,300,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE,  TAMILNADU - 641018, INDIA	B92360296
6	10026626	05/09/2013 *	400,000,000.00	IDBI BANK LIMITED	EXCELLENCE, 4TH FLOOR, 104, RACE COURSE ROAD, COI  MBATORE, TAMILNADU - 641018, INDIA	B87160511
7	10023498	28/11/2013 *	1,217,500,000.00	STATE BANK OF TRAVANCORE	COIMBATORE MAIN, 15, SNV ASHIRVAD, STATE BANK ROA  D, COIMBATORE, TAMIL NADU - 641018, INDIA	B94217098
8	10011695	03/02/2014 *	351,500,000.00	IDBI BANK LIMITED	EXCELLENCE, 4TH FLOOR, 104, RACE COURSE ROAD, COI  MBATORE, TAMIL NADU - 641018, INDIA	B98514185

* Date of charge modification

CONTINGENT LIABILITIES:

Particulars	As on 31.03.2014	As on 31.03.2013
Claims against the company not acknowledged as debt (Letter of credit opened both inland and foreign)	37.007	16.113
Reversal of Cenvat credit taken on inputs during the manufacture of first exempted clearance of 3500 MT on Unit I and Unit II. The case is pending with the CESTAT.	22.063	22.063
TNEB has demanded penalty for exceeding demand and energy quota. The company has filed appeal with the Tamil Nadu Electricity Regulatory Commission, Chennai and is pending	7.074	7.074
Sales tax dept., has demanded reversal of input credit availed under TN VAT Act against the power plant.	3.407	3.407
Income tax department has gone on appeal with appellate tribunal on account of 80 IA deduction claimed on the wind power generation(last year company’s appeal with CIT APPEALS)	4.946	4.946
Total	74.497	53.603

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.67.04
UK Pound	1	Rs.101.67
Euro	1	Rs.73.92

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	AMT
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION		--
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.